Problem: What is the greatest common factor of 40 and 48?
Solution: $40=2^3\cdot5$ and $48=2^4\cdot3$. The prime factorization of their greatest common factor cannot contain any other primes besides 2 raised to no more than the 3rd power, otherwise it would not be a factor of both numbers. Thus, their GCF is $2^3=\boxed{8}$.